Japan’s SoftBank Group has reportedly provided nearly half the cash for the new $400 million fund by Abu Dhabi’s state-owned Mubadala Investment Co that aims to back European start-ups.
The Financial Times reported on Monday that Mubadala will use the fund to invest up to $30 million in European start-ups, citing people with direct knowledge of the matter.
The European venture fund, which has already made a few undisclosed investments, will be run from a new office in London, the FT reported.
Last June, Mubadala Investment Company announced plans for the tech fund during London Tech Week, a week-long festival focused on new investment opportunities in the UK.
The fund will be managed by Mubadala Ventures, the firm’s venture capital arm, and will target high growth technology companies with global impact.
It will work closely with early-stage UK and European funds to help establish operations in Abu Dhabi and ultimately help them target regional markets.
SoftBank did not immediately respond to a request seeking comment, while Mubadala was not immediately reachable for comment, Reuters said.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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